UrBC, Yekaterinburg, November 15, 2018. The Ural Bank for Reconstruction & Development increased the annual interest rate offered on its two ruble-based savings deposit types by 0.25% on November 14. This means the bank’s private customers can now get up to 7.5% a year on their savings (in case the deposit gets opened online or through a mobile banking app; plus, you also need to subscribe to the all-inclusive package), the bank’s press service reports.

The interest rates went up for two dollar deposit types as well: you can now get up to 3% a year on these (in case the deposit gets opened online or through a mobile banking app; plus, you also need to subscribe to the all-inclusive package).

‘What currency you choose for your savings deposit should depend on the goals you have in mind. If your plan is to pay for something in rubles, setting up a ruble deposit makes more sense. Doing so online will both save you time and secure you the best interest rate on offer. In case you plan to travel abroad, for example, and want to save up for a vacation, then a dollar deposit is your best bet. You’ll definitely make a bit of profit on the interest rate and might make even more on the switch rate as a bonus if the ruble/dollar exchange rate works in your favor,’ says UBRD Marketing Director Alexei Merzlyakov.